Murugappa Group clocks 23.2% jump in PAT during FY '22

Payswiff is engaged in enabling online payment gateway services for e-commerce businesses and provides e-commerce solutions.Tube Investments of India Ltd of the group acquired 70 per cent stake in Cellestial E-Mobility Pvt Ltd at a cost of Rs 161 crore.

Diversified conglomerate Murugappa Group has clocked a 23.2 per cent rise in its profit after tax (PAT) for the year ending March 31, 2022. The PAT was Rs 5,520 crore, the company said on Friday.

The city-based company registered Rs 4,481 crore of PAT during the corresponding period last year.

Revenues generated during the financial year ending March 31, 2022 surged to Rs 54,722 crore up by 31.2 per cent from Rs 41,706 crore last year.

In a statement, the company said the manufacturing entities of the group generated a free cash flow of Rs 2,693 crore as against Rs 5,049 crore last year and the return on capital employed on the manufacturing entities improved to 26.7 per cent from 21.5 per cent.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) witnessed a 30.3 per cent jump to Rs 8,343 crore from Rs 6,404 crore.

Coromandel International Ltd of the group announced the setting up of a sulphuric acid plant with a capacity to produce 1,650 metric tonne per day in Vishakapatnam at an investment of Rs 400 crore.

Carborundum Universal Ltd, also of the group, invested Rs 115 crore to acquire 71.99 per cent stake in PLUSS Advanced Technologies Pvt Ltd. CUMI bought the assets from the insolvency administrator of AWUKO ABRASIVES Wandmacher GmbH and Company for a total of Euro 8 million.

AWUKO is a 120-year-old brand in coated abrasives business and a market leader in leather and wood applications with presence in metal and lacquer applications.

Cholamandalam Investment and Finance Company Ltd, also of the group, acquired 71.94 per cent of Payswiff Technologies Pvt Ltd for Rs 409 crore. Payswiff is engaged in enabling online payment gateway services for e-commerce businesses and provides e-commerce solutions.

Tube Investments of India Ltd of the group acquired 70 per cent stake in Cellestial E-Mobility Pvt Ltd at a cost of Rs 161 crore. Cellestial is a start-up engaged in design and manufacturing of electric tractors. Coromandel International Ltd is set to acquire 45 per cent stake in rock phosphate mining company Baobab Mining and Chemicals Corporation, Senegal, Africa, at an outlay of USD 19.6 million besides loan infusion into BMCC of a further USD 9.7 million, the statement added.

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